Tuesday 18th April: Naira Appreciates To N407 Per Dollar At Black Market

The Nigerian Naira on Tuesday, April 18, gained three points against the American Dollar to close at N407/$1 at the parallel market.

This comes even as Central Bank of Nigeria (CBN) increased forex liquidity to market dealers.

The local currency also appreciated against the Pound Sterling and Euro at N497 and N430 respectively from the previous rate of N500 and N435.

At the official market, the Naira appreciated by 0.03% against the Dollar to close at N306.00.

It was gathered that the Naira is expected to appreciate on the black market side this week, following the Central Bank of Nigeria’s plan to increase Dollar sale to $40,000 from $20,000 to retail currency Bureau in order to boost liquidity and help support the local currency.

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